Corporate Health Insurance News

It's a common misconception that corporate health insurance is only for larger companies. However, if you're a small business owner, there's no reason why your staff should miss out.

In this article we'll look at who's eligible to access corporate health insurance policies, how they can benefit smaller organisations specifically and why you shouldn't worry about the practicalities of implementing such programs.

The rising cost of private health insurance in Australia is hardly breaking news. Between 2014 and 2018, premiums increased by 29%, based on the industry weighted increases provided by the Australian Government Department of Health over that period, in a pattern that stretches back more than a decade.

At first glance the world of private health insurance can be confusing. There's a lot of jargon and a wide range of funds and products to choose from, and the pressure to get it right is even higher if you're an employer looking to invest in health insurance for the benefit of your employees.

A good corporate health insurance plan demonstrates to current and prospective employees that you value their well-being and see them as more than just an asset. It also offers significant benefits to employers that can both affect a company's bottom line for the better, and create a strong workplace culture. Here are some of the top benefits of a corporate health insurance policy.

According to the World Health Organisation, depression is the leading cause of disability worldwide, and in order for people who experience such mental health disorders to receive an accurate diagnosis and the right treatment, prompt access to specialists is paramount. Recent research in Australia, however, has indicated that underfunding has led to extended wait times and a shortage of highly skilled mental health practitioners.

The switch from the 457 visa to the new Temporary Skill Shortage (TSS) visa (subclass 482) has now taken effect. Some key clauses when it comes to the new visa have changed, however as with the 457 visa, holders and applicants of the TSS visa are required to have adequate health insurance under condition 8501.

Employee turnover is expensive - more so than you'd think. In fact, a business of 50 employees can expect a turnover of roughly 10 staff per year, according to estimates from Harrison Human Resources. They also stated that the costs of hiring and retraining, as well as loss of productivity for replacing one employee could cost as much as their yearly salary.